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WHAT WE'RE WATCHING

S-E-C YA LATER - Gary Gensler, the new SEC chairman, is pushing for tougher enforcement on a raft of investment and compliance issues. But, in the process, he seems to be pushing some of the agency's senior attorneys toward the exits. As Law.com's Bruce Love reports, the SEC has seen high attorney attrition this year, according to a tally of moves from the agency, and those talking with internal SEC lawyers are expecting more attorney exits. Some former SEC lawyers said Gensler's propensity to break up handshake settlement deals that were in process before he became chairman in April has created some distrust with current SEC staff, as well as his hard-charging approach to managing SEC lawyers. Meanwhile, law firm hiring demand appears to be also be driving some departures. "He's an aggressive regulator—and people have to work," said one lawyer who worked with Gensler at the Commodity Futures Trading Commission. "But in this current environment—when the lateral market for attorneys is so buoyant—I could see why folks would want to leave."

AIMING TO PLEASE - Law firm leaders love to say that "you can't be all things to all people"—but if you're crafting an office return policy for your firm, you might have to try. As Law.com's Andrew Maloney reports, Morgan Stanley's attempt to push its outside counsel back to the office full-time hasn't forced a broad rethinking of the flexible work policies many firms had been planning for, but it has created a conundrum: what do you do when your clients' wishes are directly at odds with your attorneys' wishes? It's not an easy problem to solve, but one strategy may be to take a page from Shearman & Sterling. The firm, for whom Morgan Stanley is a top client, is asking "most" workers to come in three days a week but not full time. Shearman noted in its policy that it is "obviously the case that we will honor any and all client commitments/meetings outside of the core office days, as anyone would expect." "Our new approach is tailored to meet the business needs of the firm and our clients while also providing some flexibility and absolute clarity for our people," said David Beveridge, Shearman's senior partner, in a statement.

DEAL DRIVERS - Sidley Austin, Sullivan & Cromwell and Skadden, Arps, Slate, Meagher & Flom all had a hand in sealing Magna International Inc.'s $3.8 billion acquisition of Veoneer, an American Swedish provider of automotive technology. The transaction, announced July 22, is expected to close by the end of 2021. Aurora, Canada-based Magna was advised by Sidley. Veoneer, which is based in Stockholm, was represented by Skadden. Sullivan & Cromwell represented the financial adviser to Veoneer, which was Rothschild & Co. Stay up on the latest deals and litigation with the new Law.com Radar.  

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EDITOR'S PICKS

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WHILE YOU WERE SLEEPING

CLIENTS IN COMPLIANCE -   Lawyers are warning clients with business in Central America to tread carefully after the U.S. government earlier this month expanded the list of individuals it believes have facilitated corruption or undermined democracy in El Salvador, Honduras and Guatemala, Law.com International's Amy Guthrie reports. "This action broadens the scope of U.S. interest and should put businessmen and legal practitioners on notice of the greater focus by the United States in this geographical area," Pedro Freyre, the Miami-based chair of the international practice at Akerman, said. The list, known as the Engel list, will create an additional due diligence burden for transactions involving Central America, he said. In early July, the U.S. State Department named more than 50 individuals to the Engel list, which includes dozens of current and former public officials from those three countries. Local corruption is a major obstacle to attracting foreign investment to the region known as the Northern Triangle of Central America, yet private sector investment is seen as critical to promoting economic prosperity in the region.

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WHAT YOU SAID

"Focus on an area of law you genuinely like and care about, because then you will give more of yourself with less effort."